Net income of Kingdom Holding Company up 52.6%
Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), announced the Company's financial results of operations for the third quarter and the nine months ended September 30, 2010. The Company announced net income of SR 160 million (US$42.7 million), an increase of 52.6% when compared to the results for the same quarter of 2009. The consolidated net income for nine months totaled SR 370.7 million, an increase of 50%.
The Company is continuing to experience improving results from its hotel management companies and its owned hotels and associate companies and income on investments.
Prince Alwaleed said "Kingdom Holding Co. continues on the path of profitability through its sound strategic plan. I feel confident that KHC's financial results will continue to grow during the remainder of this year."